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Golden Gate Capital Completes Investment in California Check Cashing Stores

Posted on: Wednesday, 4 October 2006, 15:00 CDT

California Check Cashing Stores (CCCS) today announced a strategic investment by Golden Gate Capital, a San Francisco-based $2.8 billion private equity firm. The investment by Golden Gate Capital will provide substantial financial resources to accelerate the Company's growth plans. California Check Cashing Stores will continue to be led by the existing management team who will retain significant ownership in the company.

"We are excited about the opportunity to partner with the CCCS management team," said Jesse Rogers, Managing Director of Golden Gate Capital. "California Check Cashing Stores has always distinguished itself with its strong focus on customer service and its ability to provide products that meet the needs of its customers."

California Check Cashing Stores, LLC is a leading retailer of alternative financial services including check cashing, short-term consumer loans ("payroll advance"), wire transfers and bill payment services. The Company focuses on serving unbanked and underbanked consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to cash.

"The partnership with Golden Gate Capital will provide additional resources to continue our unparalleled service to our customers while accelerating the growth of the business going forward," said Jonathan Eager, Executive Chairman of California Check Cashing Stores.

About Golden Gate Capital

Golden Gate Capital (http://www.goldengatecap.com) is a San Francisco-based private equity investment firm with approximately $2.8 billion of capital under management. Golden Gate is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. The firm targets investments of up to $200 million in situations where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide range of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing.

Source: Business Wire

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